Multiple Choice Questions- Chapter 11-From Barter to Money(Economics) Subject Social Science Class 7 ************************** Multiple Choice Questions: What is the barter system? (a) Use of coins (b) Use of paper notes (c) Exchange of goods without money (d) Use of credit cards Ans: (c) Which of these was NOT commonly used in barter? (a) Cowrie shells (b) Tea (c) Computers (d) Salt Ans: (c) What is meant by "double coincidence of wants"? (a) Wanting two items at once (b) When both parties want what the other offers (c) Having more than one buyer (d) Selling to two people at the same time Ans: (b) What was one major limitation of barter? (a) No exchange (b) Only done in markets (c) Difficult to find matching wants (d) Fixed prices Ans: (c) What is portability in money terms? (a) Ability to use in all countr...
Multiple Choice Questions- Chapter 11-From Barter to Money(Economics) Subject Social Science Class 7
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Multiple Choice Questions:
- What
is the barter system?
(a) Use of coins
(b) Use of paper notes
(c) Exchange of goods without money
(d) Use of credit cards
Ans: (c) - Which
of these was NOT commonly used in barter?
(a) Cowrie shells
(b) Tea
(c) Computers
(d) Salt
Ans: (c) - What
is meant by "double coincidence of wants"?
(a) Wanting two items at once
(b) When both parties want what the other offers
(c) Having more than one buyer
(d) Selling to two people at the same time
Ans: (b) - What
was one major limitation of barter?
(a) No exchange
(b) Only done in markets
(c) Difficult to find matching wants
(d) Fixed prices
Ans: (c) - What
is portability in money terms?
(a) Ability to use in all countries
(b) Easy to divide
(c) Easy to carry
(d) Easy to spend
Ans: (c) - What
material was not used in ancient coins?
(a) Iron
(b) Silver
(c) Plastic
(d) Gold
Ans: (c) - Coins
with symbols and motifs were first made by:
(a) Merchants
(b) Common people
(c) Rulers
(d) Foreign traders
Ans: (c) - Which
system was used in India before coins?
(a) UPI
(b) Cowrie shells
(c) Bitcoin
(d) Credit cards
Ans: (b) - What
do motifs on coins include?
(a) Ads
(b) Barcodes
(c) Trees, animals, deities
(d) Numbers only
Ans: (c) - Which
modern tool allows digital transactions using QR codes?
(a) Paper
(b) Metal coins
(c) UPI
(d) Token money
Ans: (c) - The
unit paṇa is still known as:
(a) Yen
(b) Dirham
(c) paṇam / haṇa
(d) Rupee
Ans: (c) - Who
controls currency printing in India?
(a) Finance Minister
(b) RBI
(c) Prime Minister
(d) State Bank
Ans: (b) - Why
did paper money replace coins?
(a) Cheaper
(b) Easy to carry
(c) More attractive
(d) Ancient tradition
Ans: (b) - What
is durability in context of money?
(a) Easy to divide
(b) Easy to carry
(c) Lasts longer
(d) Easily lost
Ans: (c) - Cowrie
shells were used as:
(a) Jewelry
(b) Taxes
(c) Currency
(d) Food
Ans: (c) - Which
material is NOT used in today's coins?
(a) Chromium
(b) Carbon
(c) Plastic
(d) Silicon
Ans: (c) - Coins
issued by rulers were made in:
(a) Markets
(b) Factories
(c) Mints
(d) Banks
Ans: (c) - Which
state hosts the Junbeel Mela?
(a) Gujarat
(b) Tamil Nadu
(c) Assam
(d) Rajasthan
Ans: (c) - What
does the ₹ symbol combine?
(a) Hindi and Tamil
(b) Greek and Latin
(c) Devanagari "Ra" and Roman "R"
(d) Telugu and Urdu
Ans: (c) - What
is a QR code used for in payments?
(a) Decoration
(b) Language learning
(c) To make digital payments
(d) For games
Ans: (c) - What
is an example of a digital payment tool?
(a) Cheque
(b) Debit card
(c) Cash
(d) Voucher
Ans: (b) - Why
was money invented?
(a) To replace language
(b) To avoid trade
(c) To solve problems of barter
(d) To avoid work
Ans: (c) - Which
type of goods cannot be easily divided in barter?
(a) Wheat
(b) Ox
(c) Cloth
(d) Salt
Ans: (b) - What
is the head of a coin called?
(a) Obverse
(b) Reverse
(c) Tail
(d) Face
Ans: (a) - Which
of the following is a function of money?
(a) Only used to buy food
(b) Store of value
(c) Heavy to carry
(d) Cannot divide
Ans: (b) - Which
one of these is NOT a form of money?
(a) Silver coin
(b) Cowrie
(c) Credit card
(d) Stone tool
Ans: (d) - Which
ancient text mentions paṇas and salaries?
(a) Rigveda
(b) Arthaśhāstra
(c) Mahabharata
(d) Ramayana
Ans: (b) - Coins
helped increase:
(a) Forest area
(b) Water storage
(c) Maritime trade
(d) War
Ans: (c) - Coins
of Chalukyas showed which deity?
(a) Shiva
(b) Ganesha
(c) Varaha (Vishnu)
(d) Rama
Ans: (c) - What
is a major benefit of UPI payments?
(a) Needs coins
(b) Needs stamps
(c) No physical cash required
(d) Requires ATM only
Ans: (c) - What
problem was solved by using money instead of wheat?
(a) Portability
(b) Quality
(c) Weight
(d) Colour
Ans: (a) - What
is meant by “standard of deferred payment”?
(a) Buying later on credit
(b) Paying instantly
(c) Free items
(d) Getting loan
Ans: (a) - What
does RBI stand for?
(a) Reserve Bank of India
(b) Rural Banking Institution
(c) Registered Bank of India
(d) Rupee Bank of India
Ans: (a) - The
earliest paper currency in India came during:
(a) British rule
(b) Mughal era
(c) Maurya Empire
(d) Gupta period
Ans: (a) - Coins
with Roman king faces in India show:
(a) No trade
(b) Lack of design
(c) Foreign trade existed
(d) Romans ruled India
Ans: (c)
True or False:
- Barter
requires a double coincidence of wants.
True - Today,
only cowrie shells are used for payments.
False - The
RBI controls the issue of Indian currency.
True - Paper
currency was first introduced in India by the Mughals.
False - Money
can store value and be used in the future.
True
Fill in the Blanks:
- The
process of making coins is called -----------------------.
- The
--------------------------- issues paper currency in India.
- ------------------
refers to the ability of money to last long without damage.
- A ---------------- is used for UPI and digital transactions.
- The
symbol ₹ was officially adopted in ---------------.
Answer:
1- minting, 2- Reserve Bank of India (RBI), 3- Durability, 4- QR code, 5- 2010
Assertion and Reasoning:
Choose:
(A) Both correct and R explains A;
(B) Both correct, R doesn’t explain A;
(C) A correct, R wrong;
(D) A wrong, R correct
- A:
Barter is difficult.
R: It requires double coincidence of wants.
Ans: (A) - A:
Paper money replaced coins.
R: Paper money is lighter and easier to carry.
Ans: (A) - A:
Cowrie shells were used as currency.
R: They were colourful and rare.
Ans: (B) - A:
RBI prints all Indian currency.
R: Because RBI is a private company.
Ans: (C) - A:
Coins increased foreign trade.
R: Coins had images of Bollywood stars.
Ans: (C)
Match the Following:
|
Column A |
Column B |
|
1. Cowrie Shells |
(a) Making of coins |
|
2. Varaha |
(b) Ancient book on economy |
|
3. Minting |
(c) Early form of currency |
|
4. QR Code |
(d) UPI payment method |
|
5. Arthaśhāstra |
(e) Vishnu’s avatar on coins |
Answers: 1→c, 2→e, 3→a, 4→d, 5→b
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